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Bitcoin Beginners Guide-How to Choose the Best Bitcoin Wallet-Part 1

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Author : Bitcoin.com
 

After the initial step of buying your first Bitcoin Core (BTC), at https://www.bitcoin.com/guides/how-to-choose-the-right-bitcoin-exchange you will need a Bitcoin wallet in which to secure your bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin Core user. Since you are investing funds in BTC, choosing the right wallet for you is a critical step that shouldn’t be taken lightly. There are many wallets to choose from, including Bitcoin.com’s Official Wallet at https://wallet.bitcoin.com/. In this guide we will take you through the top items in our checklist we recommend reviewing before making the decision to choose a Bitcoin wallet at https://www.bitcoin.com/choose-your-wallet?utm_source=get-started&utm_medium=post&utm_campaign=guides&utm_content=How-to-Choose-Best-Wallet. Remember, these are just suggestions to help you make an educated decision. In the end, things can always change based on the wallet and the market.
 

But doing your homework first is highly encouraged. (Update: Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.) Security is Paramount. Knowing the wallet is secure is important and shouldn’t be overlooked. If it’s a web wallet, at https://www.bitcoin.com/choose-your-wallet?category=web/?utm_source=get-started&utm_medium=post&utm_campaign=guides&utm_content=How-to-Choose-Best-Wallet you should always check if the website has HTTPS or HTTP? For it to have a secure protocol it must be HTTPS. Does the wallet offer secure and strong logins? In addition does the wallet offer two-factor authentication (2FA)?
 

These are just a few things to look into before making a final decision. Multisignature (Multisig). In addition to a secure wallet platform, see if the wallet offers a multisig option. This is a preferred method when securing your bitcoin from theft and attackers. Multisig refers to requiring more than one key to authorize at https://wiki.bitcoin.com/w/Multisignature a bitcoin transaction (it takes multiple parties to spend the funds). An easy to understand analogy is think of a lock box, where it takes two parties with two different keys to open the lock box. Owning Your Bitcoin. If you don’t have access to the private keys for the BTC in your wallet, technically you do not have control over them. This is a very important factor when choosing a bitcoin wallet. Being able to possess the private key means that you will always have control over your bitcoin, and being able to move them in and out of the wallet at anytime. This also allows you to backup your wallet outside of the wallet service. Does the Wallet Promote Address Reuse? Is the wallet Hierarchical Deterministic (HD)? If so, that is a plus because HD wallets always use new bitcoin addresses which increases user privacy.
 

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